The Federal Board of Revenue (FBR) has exceeded its revenue collection target for the first quarter of the current fiscal year by Rs. 63 billion. The tax collection for the first quarter reached Rs. 2,041 billion, surpassing the assigned target of Rs. 1,978 billion by Rs. 63 billion.

In September alone, the FBR collected Rs. 834 billion against a target of Rs. 794 billion. Additionally, refunds amounting to Rs. 37 billion were issued in September, compared to Rs. 18 billion issued in the same month last year.

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Despite witnessing severe import compression in September 2023, with import stage taxes totaling Rs. 254 billion compared to Rs. 299 billion the previous month, the FBR was able to make up the shortfall of Rs. 45 billion through domestic taxes, especially direct taxes.

The FBR has expressed its commitment to not only achieving but surpassing the assigned revenue targets for the remaining months of the current financial year.